Loading ...New York hedge fund fined $400m for Congo bribes
Hedge fund Och-Ziff has to be cough up $412 million after the US Department of Justice and the Securities and Exchange Commission found the New York-based firm violated the Foreign Corrupt Practices Act.
Two executives, Daniel Och and CFO Joel Frank, also agreed to a financial settlement with founder Och ordered to pay a fine of nearly $2.2 million to settle SEC case.
According to Global Witness, a human rights organization, some of the key violations in the Och-Ziff case came in mining and oil and gas deals in Democratic Republic of Congo:
“In the course of its Congo deals Och-Ziff financed the Israeli billionaire mining and oil magnate Dan Gertler in his acquisition of companies and mining and oil assets. A “significant portion” of the loans paid to Och-Ziff’s “Israeli businessman…partner in DRC” were used “to pay bribes to high-ranking DRC officials to secure mining assets for Och-Ziff and its partner”, according to a document published by the SEC.
Gertler disputes any wrongdoing in his business dealings in Congo. His spokesperson has said prior to the release of the SEC document that the Och-Ziff case has “nothing to do with [Gertler’s] Fleurette”.
cont. http://www.mining.com/new-york-hedge-fund-fined-400m-congo-bribes/